Sheaff Brock Investment Advisors LLC Cuts Stake in Chevron Co. (NYSE:CVX)

Sheaff Brock Investment Advisors LLC cut its holdings in shares of Chevron Co. (NYSE:CVXGet Rating) by 5.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,763 shares of the oil and gas company’s stock after selling 1,915 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Chevron were worth $5,986,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Geode Capital Management LLC increased its stake in Chevron by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 32,250,237 shares of the oil and gas company’s stock worth $3,776,323,000 after purchasing an additional 667,875 shares during the period. Norges Bank purchased a new position in shares of Chevron in the fourth quarter worth $3,111,594,000. Charles Schwab Investment Management Inc. raised its holdings in Chevron by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 14,507,398 shares of the oil and gas company’s stock valued at $1,702,446,000 after buying an additional 254,353 shares during the last quarter. Invesco Ltd. boosted its position in Chevron by 6.8% during the 4th quarter. Invesco Ltd. now owns 14,400,260 shares of the oil and gas company’s stock valued at $1,689,870,000 after buying an additional 917,773 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Chevron by 4.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,326,228 shares of the oil and gas company’s stock worth $977,069,000 after acquiring an additional 346,881 shares during the last quarter. Hedge funds and other institutional investors own 65.89% of the company’s stock.

Insider Buying and Selling at Chevron

In other Chevron news, Director Wanda M. Austin sold 12,039 shares of the company’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $177.29, for a total transaction of $2,134,394.31. Following the transaction, the director now owns 3,543 shares in the company, valued at approximately $628,138.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Mark A. Nelson sold 117,400 shares of the stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $159.47, for a total value of $18,721,778.00. Following the transaction, the executive vice president now owns 788 shares in the company, valued at approximately $125,662.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Wanda M. Austin sold 12,039 shares of the stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $177.29, for a total transaction of $2,134,394.31. Following the completion of the transaction, the director now owns 3,543 shares in the company, valued at approximately $628,138.47. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 399,043 shares of company stock worth $67,010,843. Company insiders own 0.32% of the company’s stock.

Chevron Trading Down 2.7 %

NYSE:CVX opened at $151.14 on Friday. Chevron Co. has a 52 week low of $92.86 and a 52 week high of $182.40. The stock has a market cap of $296.96 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 0.63 and a beta of 1.15. The company’s 50 day moving average price is $154.86 and its 200-day moving average price is $155.19. The company has a quick ratio of 1.22, a current ratio of 1.43 and a debt-to-equity ratio of 0.20.

Chevron (NYSE:CVXGet Rating) last issued its earnings results on Friday, July 29th. The oil and gas company reported $5.82 EPS for the quarter, beating the consensus estimate of $4.66 by $1.16. The business had revenue of $68.76 billion for the quarter, compared to the consensus estimate of $57.69 billion. Chevron had a return on equity of 20.19% and a net margin of 13.45%. The company’s revenue was up 82.9% compared to the same quarter last year. During the same period last year, the business posted $1.71 EPS. On average, equities research analysts forecast that Chevron Co. will post 17.51 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Shareholders of record on Friday, August 19th will be paid a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Thursday, August 18th. Chevron’s dividend payout ratio is currently 37.89%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CVX. Truist Financial lowered their price objective on shares of Chevron from $170.00 to $166.00 and set a “hold” rating for the company in a research note on Tuesday, July 19th. Societe Generale upgraded Chevron from a “hold” rating to a “buy” rating in a report on Thursday. Citigroup decreased their target price on Chevron from $170.00 to $150.00 and set a “neutral” rating for the company in a report on Wednesday, July 13th. Credit Suisse Group boosted their price objective on shares of Chevron from $190.00 to $202.00 and gave the company an “outperform” rating in a research report on Thursday, June 9th. Finally, Morgan Stanley raised their target price on shares of Chevron from $185.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average target price of $173.00.

About Chevron

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

Further Reading

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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